Ivor ALEX

The risk-free rate (Rf) to use in the DCF for French companies is now the yield on L’Oreal bonds… 𝗙𝗧 - 𝗙𝗿𝗲𝗻𝗰𝗵 𝗰𝗼𝗺𝗽𝗮𝗻𝗶𝗲𝘀’ 𝗯𝗼𝗿𝗿𝗼𝘄𝗶𝗻𝗴 𝗰𝗼𝘀𝘁𝘀 𝗳𝗮𝗹𝗹 𝗯𝗲𝗹𝗼𝘄 𝗴𝗼𝘃𝗲𝗿𝗻𝗺𝗲𝗻𝘁’𝘀 𝗮𝘀 𝗱𝗲𝗯𝘁 𝗳𝗲𝗮𝗿𝘀 𝗶𝗻𝘁𝗲𝗻𝘀𝗶𝗳𝘆 https://lnkd.in/dc85GCw7

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How do you identify the best borrowers in the European lower mid-market? That was the theme of the panel I joined today at IPEM in Paris which has become the must-attend event for our industry.   The reality is clear: in this segment, the difference does not come from “natural deal flow” but from proximity to companies and trusted relationships with sponsors. The lower mid-market is a relationship-driven market, where consistency matters more than opportunism.   Even though global M&A has slowed, this segment maintains positive momentum, supported by consolidation trends and the largest pool of SMEs in Europe. At Eurazeo, this is where our strengths make a difference: a local presence built since 2007, funds of critical size that allow us to act as sole lender, and unwavering discipline in both selection and documentation.   These are the elements that enable us to create long-term value, even in a highly competitive and volatile environment. Many thanks to my fellow panelists for the insightful discussion. David Merriman Aris Constantinides Xavier de Prévoisin Richard Dalaud Rachel McGovern

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One of the ways we create value as active public equity investors is by taking a partnership approach with management teams – an increasingly rare practice in a market characterized by short-termism and misalignment. One such company is Precigen for which we led a capital raise last December to help propel their mission to discover, develop and commercialize next generation gene and cell therapies focused in immuno-oncology, autoimmune disorders, and infectious diseases. Thank you Bill Miller and RJ Kirk for your help! Today, we are proud to celebrate Helen Sabzevari PhD, President and CEO, and the entire Precigen team, which just announced full FDA approval of their cell therapy, the first and only approved therapy for the novel treatment of #RecurrentRespiratoryPapillomatosis (RRP), an HPV-related disorder. Before today, patients suffering from RRP had to endure repeated, ongoing surgeries as their only option for the managing recurrent, wart-like, benign tumors that grow in the respiratory tract as a result of the disease, significantly obstructing voice and airway function. These surgeries serve only as a temporary fix before new tumors develop, failing to address the root cause - and are associated with significant morbidity, as well as meaningful patient and health system burdens. Now, patients can receive a simple set of shots that lead to complete remission (no surgeries) in more than half of patients. We love investing like this, in a way that helps companies, patients and the broader world. We call this conscientious capital, and it’s a big part of our WHY. #PatientNotPassive #InvestingWithAConscience #ConsciousCapital

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Market signals don’t lie, but they evolve. And if you’ve been watching the dials, the story has shifted. Let’s rewind: 🔴 In 2023 → 7 red dials → 0 green → The rest? Yellow, cautious but watching Fast-forward to: 🟠 January 2024 → Just 3 red: market valuation, international outlook, geopolitical risk → The rest improved, and momentum was building Now? 🟢 2025 Outlook → More green than we’ve seen in years → Only two red dials remain: valuation + geopolitics → Confidence is growing Bottom line: We're seeing more constructive signals across the board. Yes, valuations are high and geopolitical risks persist, but fundamentals, sentiment, and structure are pointing up. City National Rochdale are bullish on this market. We’ll keep tracking the data. But for now, the trend is our friend. What’s your read on where we’re headed next? Follow Brad Connors  for more insights.

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Investors have long avoided the defence sector due to reputational and political concerns (and potentially even some restrictions in their LPA). Recent geopolitical tensions have reset the game. Today, the market is booming — record valuations, new specialist funds and rising demand for companies serving both civilian and defense markets. Below, we take a closer look at the market and rank the largest PE/VC-backed defense assets in the US & Europe (those with disclosed valuations). A few takeaways from the analysis: 1. The market is quite active: 8 of the 11 assets in the list raised capital in 2025. Anduril (#1) and Helsing (#3) more than doubled in value in 2024-2025. Quantum Systems (#11) is targeting $3.5bn valuation by year-end, up from $1bn in May. 2. The US assets dominate the ranking. 7 of the top 11 assets are HQ’d in the US, led by Anduril. US market has much deeper capital pools with a more mature defense industry compared to Europe. 3. Businesses focusing on autonomous systems are on the rise. Many private players in the ranking are focused on autonomous systems. Drones are reshaping the battlefield, doing jobs that once tanks and manned aircraft did. 4. Andreessen Horowitz (a16z), Lightspeed, and General Catalyst are the leading VC investors on the list. They back 3 of the top 5 firms. They are also among the most active in the space along with 8VC, Silent Ventures and Washington Harbour Partners LP. 5. Advent, Arlington Capital Partners, Warburg Pincus LLC, Veritas Capital stand out as notable PE investors. Blue Halo’s exit from Arlington to AeroVironment for $4.1bn has been a notable success story. Tikehau Capital has also launched a defense fund with an initial commitment of €150m. Weinberg Capital Partners closed its €215m fund above target, while CVC is reported to be building a dedicated defense team.

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Great article by eFinancialCareers on the recent Vitol pay story: "One way to make money in the banking industry is to project an image of success in order to attract people who want to do business with winners.  That’s why you might want to put your name on the jerseys of leading sports teams and big buildings, give yourself nicknames like “The Millionaire Factory” and encourage your top employees to be larger-than-life social figures with mansions, yachts and glamorous lifestyles. Vitol doesn’t encourage them to show it off, though.  According to former employees, it’s a “collegiate” atmosphere internally, with few conflicts between its traders. There's a "surprising about of humility" and “no one was flashy, no one was talking about how much money they made”. It’s a secretive company, even by the standards of Trafigura and Glencore. This isn’t just a matter of style, though.  Commodities trading is a volatile and risky business, in which the secret of both profitability and survival is liquidity management.  You need to make sure that when something like the Russian invasion of Ukraine happens, you ideally have the spare cash to take advantage of opportunities, but definitely aren’t being caught out by margin calls. That has two implications. First, that commodities traders need to be even more careful than other kinds of trader to not give away their holdings and positions.  And that has implications for how flashy they can be.  If you have a reputation for being out at the most expensive nightclub in town every evening, then if you don’t show up on the day of a big market move, people are going to guess you were on the wrong side of it. And second, that a collegiate structure in which everyone works together is a business strategy rather than just a nice atmosphere.  Vitol manages its cash centrally, raising debt at the corporate level rather than financing individual positions.  That means it’s much less vulnerable to margin calls, but it requires the traders to work together, rather than squabbling over who gets the biggest risk limits. As the financial results show, it’s nice work if you can get it.  This model doesn’t work in every industry and doesn’t suit every personality. But as Harry Truman said, it’s amazing what you can achieve if you’re not bothered about getting the publicity." https://lnkd.in/e8-PrqgB

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A couple of weeks ago, my post on Trade Republic's private equity "offer" went viral on Linkedin. A couple of my contacts sent me research by the Autorité des marchés financiers (AMF) – France released earlier in 2025. It was the first comprehensive study of private equity funds sold to retail investors. The reality? Most retail investors in France aren't even breaking even. Here's what the regulator found: FIPs (retail local investment funds): median return of -2.4% per year. Yes, negative. FCPIs (retail venture capital funds): median return of -1.1% per year. Also negative. "Traditional" FCPRs: median return of 2.4% per year. For context, a basic equity fund returned 6.2% over 10 years. The CAC 40 returned 9.1%. But here's what bothers me most: these returns don't include the fees from life insurance contracts (often 0.7% to 1% extra). So the actual returns are even worse. Meanwhile, professional private equity funds tell a different story. The ones reserved for institutions show much stronger performance. So, why is there a gap? Single capital calls instead of progressive calls. Higher fees (median 3.5% for FIPs and FCPIs). Less advantageous fund structures. Don't get me wrong. Private equity plays a role in financing businesses. But *retail investors* (like you and I) need to understand what we're actually buying. The performance you see marketed is often from professional funds. The product you're offered as a retail investor is usually different. And no, past performance doesn't guarantee future returns. But it's the only data we have. If you're investing in private equity through retail funds, read the fine print. Understand the fee structure. Know that you're not getting the same deal as institutional investors. The "democratisation" of private equity is happening fast in Europe. Transparency about actual returns isn't negotiable.

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This week in #FinTech deal activity: 61 financings and 19 M&A transactions   👉 #Crypto / #Blockchain companies made up half of the top ten largest capital raises this week including a $58 million Series B for stablecoin-backed cards and payments platform Rain and a $50 million financing round for custody-less cross-chain trading infrastructure Portal to Bitcoin among others. The Crypto / Blockchain sector has been the most active so far this year accounting for nearly 25% of all FinTech financing deals.   Further, another digital asset treasury focused SPAC merger was announced – the seventh so far this year – with the proposed business combination involving Trump Media & Technology Group, Crypto.com and Yorkville Acquisition Corp. with the combined entity planning to have a treasury of $1 billion in Cronos (CRO).   📊 For professional / institutional investors only, view the infographic below or here: https://lnkd.in/e5Nr7mK4   💰 Other Large / Notable Deals This Week: • India-based small business lender Vistaar Finance raises ~$156 million in financing • Metropolitan Stock Exchange of India Ltd. secures ~$114 million in financing • Blockchain-native AI economy infrastructure developer Splendor Labs raises $50 million in Seed financing from White Rock Group • Stablecoin infrastructure platform M0 raises $40 million in Series B financing co-led by Polychain Capital and Ribbit Capital • Embedded investing platform Atomic Invest raises $30 million in financing co-led by Aquiline and Brewer Lane Ventures • The Carlyle Group acquires WealthTech platform for financial advisors in the UK intelliflo from Invesco Ltd. for $200 million TransBnk - Transaction Banking Platform, Holo, aPriori ⌘, Entercard Group AB, Swedbank, LayerZero Labs, Gusto, Guideline, Wealthsimple

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